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Summary The Big Blue project includes 76 unpatented lode claims (2.5 sq. mi. / 6.5 sq. km), within the Callaghan carbonate window, in south-central Lander County, Nevada (Figure 1). Previous exploration defined two unique areas with elevated metal values and hydrothermal alteration consistent with sediment-hosted gold systems. The two areas are within a west-northwest structural trend and include: an 8000 ft (2440 m) by 1200 ft (370 m) zone with gold values up to 0.017 oz Au/t (0.583 g Au/t) in the upper plate Vinini Formation; and a second zone measuring 2000 ft (610 m) by 1000 ft (300 m) with gold values up to 1.2 oz Au/t (41.1 g Au/t). Miranda signed a 20-year lease on the 76 Oxen claims. Miranda will pay $10,000 on the first anniversary of the agreement and will make annual advanced royalty payments through the term of the lease. The claims are subject to a Net Smelter Return royalty of 3% that is subject to a buy-down provision. Miranda will evaluate the Big Blue property through geologic mapping, geochemical sampling and systematic compilation/review of all exploration data. In line with Miranda's business model, a joint venture partner will be sought to further explore the project.
Location The Big Blue project is located in the Toiyabe Range, approximately 13 miles (21 km) north of Austin, Nevada (Figure 1). Road access from Austin is via highway 50, the Grass Valley road (state route 306), and a series of two track dirt roads. The region is typified by north-northeast trending mountain ranges separated by broad, alluvium filled valleys. The property is on the east flank of the Toiyabe Range where elevations vary from 6,900 ft (2,100m) to 8,500 ft (2,590m). Geology The Big Blue claim block covers a portion of the Callaghan Window, an erosional feature exposing lower plate carbonate rocks in the foot wall of the Roberts Mountains Thrust (RMT) fault. Siliciclastic rocks (chert, quartzite, mudstone and minor amounts of sandy limestone) of the Ordovician Vinini Formation and the Devonian Slaven Formation are exposed in the hanging wall of the RMT. The RMT roughly strikes east -west through the center of the claim block and it is the structural boundary between the upper and lower plate sequences. The lower plate consists of Cambrian through Silurian age carbonate rocks (Figure 2). They include:
The most prominent structural feature at Big Blue is the RMT, which as stated above, places upper plate siliceous rocks in structural contact with lower plate carbonate rocks. In addition to the RMT several other thrust faults are present within the upper plate siliciclastic sequence and within the lower plate sequence. A west-northwest striking structural corridor cuts upper and lower plate rocks along Ox Corral Creek. Hydrothermal alteration, gold and elevated metal values are present along this west-northwest corridor. Rock chip samples within the corridor consistently return gold values between 0.100 -- 0.590 g Au/t. The structural corridor has been theorized to be a pull-apart basin, developed along a right lateral wrench fault system.
Exploration History Several companies explored the Callaghan Window for shallow oxide, sediment hosted gold including: Anaconda, FMC Corp., U.S. Borax, Homestake, Cordex and Hemlo. The companies conducted soil surveys, stream sediment sampling, rock chip sampling, resistivity, geological mapping and drilling. The majority of this work was completed on lands north and south of Miranda's Big Blue project. Over 150 rock samples were collected in or near the Ox Corral Creek drainage, within Miranda's Big Blue project. These rock chips define an anomalous area approximately 8000 ft (2440 m) long by 1200 ft (370 m) wide with gold values up to 0.017 oz Au/t (0.583 g Au/t). A second smaller anomaly approximately 2000 ft (610 m) by 1000 ft (300 m) returned gold values up to 1.2 oz Au/t (41.1 g Au/t). This gold assay is from a 3 foot-wide (1 m wide) chip sample within faulted / fractured upper-plate argillite. This high-grade gold value was duplicated by Miranda's own sampling. Both target areas are within a west-northwest striking structural corridor following Ox Corral Creek. Of the numerous holes drilled within in the Callaghan Window, only seven were drilled on the Big Blue claim block. Drill results from MC-7 included 10 ft of .092 oz Au/t from 40 to 50 ft (3.05m of 3.16 g Au/t from 12.2 to 15.2 m) in the Vinini Formation (Figure 3). MC-7 is the only drill hole that intersected lower plate carbonate rocks - massive gray limestone at 300ft (91.5 m). In drill hole COT-1, Anaconda intersected 190 ft of 0.004 oz Au/t from 30 to 220 ft (57.9 m of 0.119 g Au/t from 9.1 to 67.1 m). The seven historic drill holes did not test the west-northwest structural corridor with alteration / gold /elevated metal values.
Exploration Targets Miranda's interest was drawn to the area through a generative program evaluating a number of district-scale stream-sediment anomalies whose character has an affinity with large sediment-hosted gold districts in Nevada. Although poorly defined at present, lower plate exploration targets are envisioned within a west-northwest striking structural corridor hosting hydrothermal alteration and elevated metal values. The presence of hydrothermally altered lower plate carbonate rocks with elevated gold and arsenic are patterns consistent with sediment hosted gold systems. The target analogue for the Big Blue project is the Northumberland District in the Toquima Range 39 miles (63 km) south of Austin, Nevada where Fronteer Development Group Inc. is reported to be developing a resource of 3.19 million gold equivalent ounces. Both the Northumberland district and Miranda's Big Blue project are within lower-plate windows having typical stratigraphy of the major sediment-hosted gold districts in Nevada. Both projects show alteration and gold mineralization but are off the well-defined Carlin and Cortez Trends. The Northumberland and the Callaghan windows both are associated with similar district-scale stream-sediment anomalies. Current Activity As a follow-up to a mid-2009 stream sediment program, Miranda geologists are reconnoitering areas containing elevated concentrations of gold and arsenic. Follow-up work includes rock chip sampling and in-filling of the stream sediment sampling. To generate drill targets, Miranda intends to conduct geologic mapping, surface sampling and systematic compilation of all exploration data. Miranda Gold is currently seeking a joint venture partner for this project and a data package is currently available for review. |
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